Banco Santander to invest $1.2 bn in Brazil unit
Spain's Banco Santander will invest $1.2 billion over the next two years in its Brazilian operations and open 400 new branches, bank president Emilio Botin said on Friday.
By Agencies |
SAO PAULO: Spain's Banco Santander will invest $1.2 billion over the next two years in its Brazilian operations and open 400 new branches, bank president Emilio Botin said on Friday.
Despite the world financial crisis, Botin told reporters that Brazil's macroeconomic situation is at its most solid point in decades and that Latin America's largest economy is well prepared to withstand the global slowdown.
He said Santander is forecasting Brazilian profits of $2.2 billion this year, $2.8 billion in 2009 and $3.6 billion in 2010.
Santander wants to become Brazil's largest private-sector bank, Botin said. That position is currently held by Banco Bradesco SA, and the second biggest is Banco Itau SA.
Despite the world financial crisis, Botin told reporters that Brazil's macroeconomic situation is at its most solid point in decades and that Latin America's largest economy is well prepared to withstand the global slowdown.
He said Santander is forecasting Brazilian profits of $2.2 billion this year, $2.8 billion in 2009 and $3.6 billion in 2010.
Santander wants to become Brazil's largest private-sector bank, Botin said. That position is currently held by Banco Bradesco SA, and the second biggest is Banco Itau SA.
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